Despegar.com Corp (DESP) 2022 Q4 法說會逐字稿

Good morning, and welcome to Despegar's Fourth Quarter 2022 Earnings Call. The slide presentation is accompanying today's webcast and is available in the Investors section of the company's website, www.investor.despegar.com. (Operator Instructions) This conference call is being recorded. (Operator Instructions)

早上好，歡迎來到 Despegar 的 2022 年第四季度財報電話會議。幻燈片演示伴隨著今天的網絡廣播，可在公司網站 www.investor.despegar.com 的投資者部分獲取。 （操作員說明）正在錄製此電話會議。 （操作員說明）

Now I'd like to turn the call over to Mr. Luca Pfeifer, Investor Relations. Please go ahead.

現在我想把電話轉給投資者關係部的 Luca Pfeifer 先生。請繼續。

Good morning, everyone, and thanks for joining us today. In addition to reporting unaudited financial results in accordance with U.S. generally accepted accounting principles, we discuss certain non-GAAP financial measures and operating metrics, including foreign exchange neutral calculations. Investors should read the definitions of these measures and metrics included in our press release carefully to ensure that they understand them. Non-GAAP financial measures and operating metrics should not be considered in isolation as a substitute for or superior to GAAP financial measures and are provided as supplemental information only.

大家早上好，感謝今天加入我們。除了根據美國公認會計原則報告未經審計的財務業績外，我們還討論了某些非 GAAP 財務措施和運營指標，包括外匯中性計算。投資者應仔細閱讀我們新聞稿中包含的這些措施和指標的定義，以確保他們理解它們。非 GAAP 財務措施和運營指標不應被孤立地視為替代或優於 GAAP 財務措施，並且僅作為補充信息提供。

Before we begin our prepared remarks, please turn to Slide 2 and allow me to remind you that certain statements made during the course of the discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control. These include, but are not limited to, expectations and assumptions related to the impact of the COVID-19 pandemic and the integration and performance of the businesses we acquire, including Best Day, Stays, Viajanet and Koin. For a description of these risks, please refer to our filings with the U.S. Securities and Exchange Commission and our press release.

在我們開始準備好的發言之前，請翻到幻燈片 2，請允許我提醒您，在討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受一些因素的影響可能導致實際結果出現重大差異的風險和不確定性，包括可能超出公司控制範圍的因素。這些包括但不限於與 COVID-19 大流行的影響以及我們收購的業務（包括 Best Day、Stays、Viajanet 和 Koin）的整合和績效相關的預期和假設。有關這些風險的描述，請參閱我們向美國證券交易委員會提交的文件和我們的新聞稿。

Speaking on today's call is our CEO, Damian Scokin, who will provide an overview of Despegar's fourth quarter performance as well as an update on strategic initiatives. Alberto López-Gaffney, our CFO, will then discuss the quarter financial results in more detail. After which, Damian will end our prepared remarks providing annual guidance and wrap up before opening the call for your questions. Damian will begin his remarks on Slide 3. Damian, please go ahead.

在今天的電話會議上發言的是我們的首席執行官 Damian Scokin，他將概述 Despegar 第四季度的業績以及戰略計劃的最新情況。我們的首席財務官 Alberto López-Gaffney 隨後將更詳細地討論本季度的財務業績。之後，Damian 將結束我們準備好的評論，提供年度指導，並在開始徵求您的問題之前結束。達米安將從幻燈片 3 開始他的發言。達米安，請繼續。

Thanks, Luca, and good day, everyone. Thank you for joining today's earnings call and for your interest in Despegar. We continued executing our growth strategy with focus and discipline, leading to Despegar's highest EBITDA since the global travel market was hit by the COVID-19 pandemic. We achieved this even with expected weak travel demand during the fourth quarter, normally our strongest one.

謝謝，盧卡，大家好。感謝您參加今天的財報電話會議以及對 Despegar 的關注。我們繼續以專注和紀律執行我們的增長戰略，使 Despegar 實現了自全球旅遊市場受到 COVID-19 大流行打擊以來的最高 EBITDA。即使在第四季度（通常是我們最強勁的季度）預計旅行需求疲軟的情況下，我們也實現了這一目標。

Over the last 2 months, we've seen demand levels rebound strongly. And therefore, we are expecting first quarter revenues to increase around 40% versus last year and almost 20% versus 2019, with adjusted EBITDA in U.S. dollars for the Q1 in the mid-teens area, implying an EBITDA above the 2018 levels. With the travel recovery regaining its strength, we are also bullish about the remainder of the year. Later in our presentations, we'll talk more about the annual guidance that we published with this morning's earnings release.

在過去的兩個月裡，我們看到需求水平強勁反彈。因此，我們預計第一季度收入將比去年增長約 40%，比 2019 年增長近 20%，調整後的第一季度 EBITDA 以美元計算在十幾歲左右，這意味著 EBITDA 高於 2018 年的水平。隨著旅遊復甦恢復強勁，我們也對今年剩餘時間持樂觀態度。稍後在我們的演講中，我們將更多地討論我們在今天上午的收益發布中發布的年度指導。

The disciplined execution that I mentioned is reflected in our fourth quarter take rate which rose sequentially and was well above our long-term target of 12% to 12.5%. That helped offset weak travel demand, driving revenue significantly higher year-on-year and keeping them in line with fourth quarter 2018. It also helped us book our fifth consecutive quarter of positive EBITDA, which drove sequentially and year-on-year to $12.5 million. Our improving revenue mix and higher ASPs also contributed to EBITDA growth.

我提到的紀律執行反映在我們第四季度的採用率上，該採用率連續上升，遠高於我們 12% 至 12.5% 的長期目標。這有助於抵消疲軟的旅遊需求，推動收入同比大幅增長，並與 2018 年第四季度持平。這也幫助我們連續第五個季度實現正 EBITDA，環比和同比增長至 12.5 美元百萬。我們改善的收入組合和更高的平均售價也促進了 EBITDA 的增長。

Importantly, as we continue driving profitability higher, we are better able to make the strategic investments that are building additional scale and other competitive advantages that reinforce Despegar's market leadership in the long term. Overall, the operational leverage we built into the business and the growth that we expect to generate this year and beyond are expected to continuously drive our earnings power as we communicated in our last Investor Day.

重要的是，隨著我們繼續提高盈利能力，我們能夠更好地進行戰略投資，以建立額外的規模和其他競爭優勢，從而長期鞏固 Despegar 的市場領導地位。總體而言，正如我們在上一個投資者日所傳達的那樣，我們在業務中建立的運營槓桿以及我們預計今年及以後產生的增長將繼續推動我們的盈利能力。

Lastly, on this slide, given our solid 2022 performance, our expectations for 2023, and considering the performance trajectory that we outlined at the Investor Day, we think that our shares are grossly undervalued.

最後，在這張幻燈片上，鑑於我們 2022 年的穩健表現、我們對 2023 年的預期，並考慮到我們在投資者日概述的業績軌跡，我們認為我們的股票被嚴重低估了。

Please turn to Slide 4. The fourth quarter weakness in industry travel demand that I highlighted was across our markets, particularly for international travel which contracted approximately 13% sequentially on average based on air passengers. Nonetheless, our gross bookings rose 10% year-on-year to $1.1 billion on higher ASPs, which increased 29%. And as I noted earlier, we are experiencing a strong rebound in demand levels based on January and February's numbers.

請轉到幻燈片 4。我強調的第四季度行業旅行需求疲軟遍及我們的市場，特別是國際旅行，根據航空旅客平均環比下降約 13%。儘管如此，我們的總預訂量同比增長 10% 至 11 億美元，原因是銷售均價提高了 29%。正如我之前指出的那樣，根據 1 月和 2 月的數據，我們正在經歷需求水平的強勁反彈。

Let's take a closer look at gross bookings in the fourth quarter to explain the transitory weakness in the market. Starting with Mexico, we observed a sequentially industry decline in international passenger traffic of more than 12%. This market trend, coupled with our continued focus on profitability, particularly in Mexico, led to a quarter-on-quarter decrease in gross bookings. Nonetheless, our gross bookings increased 5% year-on-year on the back of higher ASPs which rose 40% in the same period.

讓我們仔細看看第四季度的總預訂量，以解釋市場的暫時疲軟。從墨西哥開始，我們觀察到國際客運量環比下降超過 12%。這一市場趨勢，加上我們對盈利能力的持續關注，尤其是在墨西哥，導致總預訂量環比下降。儘管如此，我們的總預訂量同比增長了 5%，原因是平均售價在同期上漲了 40%。

In Brazil, our gross bookings were sequentially stable and up 44% year-on-year. We continued investing in raising the visibility of the Despegar brand in this market and gaining additional traction, specifically with international travel, which is experiencing a strong year-on-year recovery in Brazil. Like Mexico, ASPs rose sharply with airfares due to holiday travel and higher inflation, which in turn impacted prices for other travel services. Overall, travel demand in Brazil was 79% of the fourth quarter of 2018 levels in terms of passenger traffic.

在巴西，我們的總預訂量環比穩定，同比增長 44%。我們繼續投資以提高 Despegar 品牌在該市場的知名度並獲得更多吸引力，特別是在國際旅行方面，國際旅行在巴西正經歷強勁的同比復甦。與墨西哥一樣，由於假期旅行和更高的通貨膨脹，平均售價隨機票價格大幅上漲，這反過來又影響了其他旅遊服務的價格。總體而言，就客運量而言，巴西的旅遊需求為 2018 年第四季度水平的 79%。

In the rest of LatAm, our gross bookings decreased 7% sequentially, in line with the demand contraction we observed in the region. This mostly impacted international travel as in Mexico.

在拉美其他地區，我們的總預訂量環比下降 7%，這與我們在該地區觀察到的需求收縮情況一致。這主要影響了墨西哥的國際旅行。

I'll now turn the call to Alberto for a deeper down our revenue and profitability, starting with Slide 5.

從幻燈片 5 開始，我現在將請 Alberto 更深入地了解我們的收入和盈利能力。

Thanks, Damian. Let's move to Slide 5 for a closer look at revenue, take rate, as well as our cost of revenue. Despite industry in air travel demand being at approximately 80% of fourth quarter '19 levels, we delivered the same level of revenues, $145 million. And compared to fourth quarter 2021, revenues grew 17%, thanks to our disciplined approach to profitability, specifically in Mexico and Argentina. As you can see on this slide, a take rate of 13.8% was the second highest of the year and in each quarter of 2022 was at or above our long-term target of 12% to 12.5 plus percent.

謝謝，達米安。讓我們轉到幻燈片 5 來仔細查看收入、抽成率以及我們的收入成本。儘管航空旅行需求行業約為 19 年第四季度水平的 80%，但我們實現了相同水平的收入，1.45 億美元。與 2021 年第四季度相比，收入增長了 17%，這要歸功於我們嚴格的盈利方式，特別是在墨西哥和阿根廷。正如您在這張幻燈片上看到的那樣，13.8% 的採用率是今年第二高的，並且在 2022 年的每個季度都達到或高於我們 12% 至 12.5% 以上的長期目標。

Moving to the bottom half of the slide, our cost of revenue decreased 16% year-on-year, while revenue grew 17%, as I noted. That drove another consecutive quarter of higher gross profit since the beginning of the pandemic, up 6% sequentially and 9% compared to fourth quarter '19. At $100 million, it was also the second highest fourth quarter gross profit in our company's history.

轉到幻燈片的下半部分，正如我所指出的，我們的收入成本同比下降了 16%，而收入增長了 17%。自大流行開始以來，這推動了又一個連續季度的更高毛利潤，環比增長 6%，與 19 年第四季度相比增長 9%。 1 億美元，這也是我們公司歷史上第二高的第四季度毛利潤。

Moving on to Slide 6. Our operating expenses were relatively stable quarter-on-quarter and since second quarter 2022. Note that our fourth quarter costs included $2.4 million of one-time G&A expenses stemming from the integration of Viajanet, which we acquired last year. Those expenses, in addition to FX and inflation, are what drove a 34% increase in our total operating cost versus last year's quarter. Therefore, as you can see in the middle of the slide, G&A increased 52 basis points as a percentage of gross bookings, while our investments in technology and product development increased by 33 basis points.

轉到幻燈片 6。自 2022 年第二季度以來，我們的運營費用環比相對穩定。請注意，我們第四季度的成本包括 240 萬美元的一次性 G&A 費用，這些費用來自我們去年收購的 Viajanet 的整合.這些費用，加上外彙和通貨膨脹，使我們的總運營成本比去年同期增長了 34%。因此，正如您在幻燈片中間看到的那樣，G&A 佔總預訂量的百分比增加了 52 個基點，而我們在技術和產品開發方面的投資增加了 33 個基點。

Moving to the right of the slide. Our sales and marketing expenses were stable sequentially. The 34% year-on-year increase reflects inflation as well as the tactical investments that we continue making in certain markets. Those investments are primarily aimed at building greater brand awareness in Brazil, our most important market and include performance marketing in that country.

移動到幻燈片的右側。我們的銷售和營銷費用環比穩定。 34% 的同比增長反映了通貨膨脹以及我們繼續在某些市場進行的戰術投資。這些投資的主要目的是在我們最重要的市場巴西建立更大的品牌知名度，並包括在該國進行績效營銷。

In Mexico, our second largest market, we invested in expanding our telesales operation and destination management teams. Before moving to the next slide, I'd like to point out that due to operating leverage, OpEx as a percentage of gross bookings will trend downward as the business builds scale and the top line growth.

在我們的第二大市場墨西哥，我們投資擴大了我們的電話銷售運營和目的地管理團隊。在轉到下一張幻燈片之前，我想指出，由於運營槓桿，隨著業務規模的擴大和收入的增長，運營支出佔總預訂量的百分比將呈下降趨勢。

Now let's take a closer look at our profitability on Slide 7. Despite a weak market and the one-time bump in our G&A, we delivered our fifth consecutive quarter of positive EBITDA, which was 51% higher than fourth quarter '19 and 39% above fourth quarter 2021. Behind the growth in our profitability was a 29% increase in ASPs and the robust take rate that we highlighted as well as a more profitable revenue mix.

現在讓我們仔細看看我們在幻燈片 7 上的盈利能力。儘管市場疲軟且我們的 G&A 曾一度出現增長，但我們連續第五個季度實現正 EBITDA，比 19 年第四季度高出 51% 和 39%高於 2021 年第四季度。我們盈利能力增長的背後是平均售價增長 29% 和我們強調的強勁的採用率，以及更有利可圖的收入組合。

The graph at the bottom of the slide shows our full year EBITDA which went from a negative $43.6 million in 2021 in the midst of the pandemic to a positive $41.9 million in 2022. That reflects not only the recovery in travel demand, but also our substantially lower cost structure and the operating leverage we built into the business.

幻燈片底部的圖表顯示了我們全年的 EBITDA，從 2021 年大流行期間的負 4360 萬美元增加到 2022 年的正 4190 萬美元。這不僅反映了旅行需求的複蘇，也反映了我們的大幅增長較低的成本結構和我們在業務中建立的運營槓桿。

When excluding Koin, where we continued to invest in last year, EBITDA was just over $60 million. As an update, we now forecast Koin reaching breakeven in the second half of this year. Given the challenging macroeconomic environment that remains in Brazil, we maintain a prudent approach at Koin, which is reflected in asset quality that continued to improve in the fourth quarter.

如果不包括我們去年繼續投資的 Koin，EBITDA 剛剛超過 6000 萬美元。作為更新，我們現在預測 Koin 將在今年下半年實現盈虧平衡。鑑於巴西仍然充滿挑戰的宏觀經濟環境，我們在 Koin 保持審慎態度，這反映在資產質量在第四季度繼續改善。

As a reminder, Koin plays a vital role in providing financing that is integral to travel purchases in Latin America, but making them more affordable. And as we expected, when we acquired Koin, it continues helping expand our addressable market, raise average ticket prices and increase customer conversion rates.

提醒一下，Koin 在提供融資方面發揮著至關重要的作用，這種融資對於拉丁美洲的旅遊購買來說是不可或缺的，但讓他們更容易負擔得起。正如我們預期的那樣，當我們收購 Koin 時，它繼續幫助擴大我們的目標市場、提高平均票價並提高客戶轉化率。

That concludes my review of the quarter. I will now turn it over to Damian, who will walk you through our progress with some of our strategic initiatives and who has some closing remarks as well.

我對本季度的回顧到此結束。現在我將把它交給達米安，他將向您介紹我們在一些戰略舉措方面的進展，並發表一些結束語。

Thanks, Alberto. We've been emphasizing our improving revenue mix, how it's one of the ways we've been generating profitable growth. On this slide, we take a closer look at how the composition of our business has been evolving.

謝謝，阿爾貝托。我們一直在強調我們不斷改善的收入組合，這是我們實現盈利增長的方式之一。在這張幻燈片上，我們仔細研究了我們的業務構成是如何演變的。

As you can see at the top of the table, higher-margin stand-alone travel packages as a percentage of gross bookings were 31% in the fourth quarter of last year versus 22% in the fourth quarter of 2019. You can also see that our geographic diversification continues to increase as Brazil and Mexico now account for 56% of gross bookings, up 8 percentage points year-on-year.

正如您在表格頂部看到的那樣，去年第四季度利潤率較高的獨立旅行套餐佔總預訂量的百分比為 31%，而 2019 年第四季度為 22%。您還可以看到我們的地域多元化繼續增加，巴西和墨西哥現在佔總預訂量的 56%，同比增長 8 個百分點。

We have also diversified our business from a distribution standpoint. In the middle of the table, you see that our B2B channel, which includes white labeling of our platform, accounted for 12% of our gross bookings in the fourth quarter of last year compared to 5% in the same period of 2019. And as mobile devices are increasingly becoming the preferred means for consumers to transact, our award-winning app has also accounted for more of Despegar's transactions last year. It represented nearly 34% of fourth quarter 2022 transactions versus roughly 28% in the same quarter of 2018. Our app continues to gain in popularity with the installed base increasing 25% year-on-year to 23 million downloads.

我們還從分銷的角度實現了業務多元化。在表格中間，您可以看到我們的 B2B 渠道（包括我們平台的白標）佔去年第四季度總預訂量的 12%，而 2019 年同期為 5%。並且移動設備越來越成為消費者進行交易的首選方式，我們屢獲殊榮的應用程序也佔 Despegar 去年更多的交易。它佔 2022 年第四季度交易的近 34%，而 2018 年同期約為 28%。我們的應用程序繼續受到歡迎，安裝量同比增長 25% 至 2300 萬次下載。

Customer centricity is an integral part of our growth strategy. It strengthens customer loyalty and ultimately leads to repeat business as well as referrals. With that in mind, we have been cultivating point redemptions among the 12 million customers who joined our loyalty program, Passaporte. Last year, on average 5% of transactions included point redemptions. However, when looking at Mexico, our second most relevant market, we are pleased that 10% of transactions were already executed through our loyalty program.

以客戶為中心是我們發展戰略不可或缺的一部分。它增強了客戶忠誠度，並最終導致重複業務和推薦。考慮到這一點，我們一直在加入忠誠度計劃 Passaporte 的 1200 萬客戶中培養積分兌換。去年，平均 5% 的交易包括積分兌換。然而，當我們審視我們第二大相關市場墨西哥時，我們很高興 10% 的交易已經通過我們的忠誠度計劃執行。

As the follow-up from the pandemic increasingly subside last year, we also saw a big improvement in our NPS score, we jumped to 65.6%, not far off our fourth quarter of 2018 score. We expect it to improve even further as we enhance the customer experience more and more, having made the booking process significantly easier and faster through our app. We have also been introducing new travel features to enhance Despegar's value proposition. A more recent one is preselected travel packages that we know will appeal to certain customers based on travel preferences that we continually track and analyze.

隨著去年大流行病的後續影響逐漸消退，我們的 NPS 得分也有了很大改善，躍升至 65.6%，與 2018 年第四季度的得分相差不遠。隨著我們越來越多地提升客戶體驗，我們希望它能進一步改善，通過我們的應用程序使預訂過程變得更加容易和快捷。我們還一直在引入新的旅行功能，以增強 Despegar 的價值主張。最近的一個是預選旅行套餐，我們知道這些套餐會根據我們不斷跟踪和分析的旅行偏好吸引某些客戶。

Please move to Slide 9. As our 2022 results made clear, we have been effectively exploiting favorable near-term dynamics in our market. At the same time, we have also been continually strengthening our leadership position, our core competencies. Our focus remains on our customer-centric strategy that centered around offering affordable and complete travel opportunities through the sales channel of choice of our clients. Overall, this is allowing us to leverage our superior value proposition to effectively capitalize on medium- and long-term growth opportunities.

請轉到幻燈片 9。正如我們 2022 年的業績所表明的那樣，我們一直在有效地利用市場中有利的近期動態。與此同時，我們也在不斷加強我們的領導地位和核心競爭力。我們的重點仍然是我們以客戶為中心的戰略，該戰略的核心是通過客戶選擇的銷售渠道提供價格合理且完整的旅行機會。總的來說，這使我們能夠利用我們卓越的價值主張來有效地利用中長期增長機會。

In other words, the growth strategy that we laid out during last year Investor Day, which targets approximately $5.7 billion in gross bookings and $130 million in adjusted EBITDA by the year-end 2024 is working. Moreover, it's been gaining additional traction along with the market's recovery. With that and the strong rebound in travel demand observed in the first 2 months of the year, we decided to initiate annual guidance. For 2023, we expect to generate revenues between $640 million and $700 million and deliver an adjusted EBITDA between $80 million and $100 million. As we've noted in the footnote of this slide, these projections assume the region's travel market would recover to approximately 90% of its 2019 level by the year-end.

換句話說，我們在去年投資者日制定的增長戰略正在發揮作用，該戰略的目標是到 2024 年底實現約 57 億美元的總預訂量和 1.3 億美元的調整後 EBITDA。此外，隨著市場的複蘇，它一直在獲得額外的吸引力。鑑於此以及今年前兩個月旅行需求的強勁反彈，我們決定啟動年度指導。到 2023 年，我們預計將產生 6.4 億至 7 億美元的收入，並提供 8000 萬至 1 億美元的調整後 EBITDA。正如我們在本幻燈片的腳註中指出的那樣，這些預測假設該地區的旅遊市場到年底將恢復到 2019 年水平的 90% 左右。

Let's now turn to Slide 10. To summarize, the fourth quarter of 2022 was a period of transitory weaknesses in the market, which has quickly rebounded. A take rate well above our target level, along with higher ASPs, drove revenues 17% higher in the quarter. During the quarter, we maintained our focus on profitable growth. And thanks to still improving revenue mix, we delivered adjusted EBITDA that was 51% above the fourth quarter 2019 levels, and that was our fifth consecutive positive quarter.

現在讓我們轉到幻燈片 10。總而言之，2022 年第四季度是市場暫時疲軟的時期，市場迅速反彈。遠高於我們目標水平的採用率以及更高的平均售價推動本季度收入增長 17%。在本季度，我們繼續關注盈利增長。由於收入組合仍在改善，我們的調整後 EBITDA 比 2019 年第四季度水平高出 51%，這是我們連續第五個季度實現正增長。

Taking another step back, our fourth quarter and full year results demonstrate that we have the right strategy in place that has increased our confidence in achieving our long-term targets. With those targets in mind, we are cementing Despegar's leadership position as we build additional scale, make target tactical and strategic investments, innovate more and further diversify our business.

再退一步，我們的第四季度和全年業績表明，我們制定了正確的戰略，增強了我們實現長期目標的信心。考慮到這些目標，我們正在鞏固 Despegar 的領導地位，同時我們擴大規模，進行有針對性的戰術和戰略投資，進行更多創新並進一步實現業務多元化。

In the near term, we fully expect to maintain our first quarter momentum and hit our revenue and EBITDA guidance for the year. I would like to emphasize that given the results were achieved in 2022, in combination with a strong outlook for 2023, we continue to see considerable upside to our share price.

在短期內，我們完全希望保持第一季度的勢頭，並達到我們今年的收入和 EBITDA 指導。我想強調的是，鑑於 2022 年取得的成果，加上 2023 年的強勁前景，我們繼續認為我們的股價有相當大的上漲空間。

Before moving to the Q&A, as previously announced, Alberto is leaving us. I'd like to take this opportunity to publicly thank him for his many strong contributions at Despegar, which he leaves on a very strong footing. We all wish him the very best in his next role, Head of M&A at EVERTEC. Operator, please open the call for questions.

正如之前宣布的那樣，在進入問答環節之前，Alberto 將離開我們。我想藉此機會公開感謝他在 Despegar 做出的許多重要貢獻，他為 Despegar 留下了堅實的基礎。我們都希望他在 EVERTEC 併購負責人的下一個職位上一切順利。接線員，請打開電話提問。

(Operator Instructions) Our first question today comes from Kevin Kopelman from Cowen.

（操作員說明）我們今天的第一個問題來自 Cowen 的 Kevin Kopelman。

Could you talk a little bit about the gross bookings that you're seeing for the first quarter and what's implied also in that 2023 revenue and EBITDA, what level of gross bookings?

您能否談談您看到的第一季度的總預訂量以及 2023 年收入和 EBITDA 中的含義，總預訂量是多少？

Kevin, this is Damian. Thanks for your question. As we mentioned in the remarks, we are seeing a very strong rebound in Q1. And as we mentioned, both in terms of revenues and EBITDA, we expect a very solid Q1. And our annual projections that we share our guidance for the first time are based on those numbers. So we see strong market reaction in the main markets, and we expect the rest of the year to remain on that trend.

凱文，這是達米安。謝謝你的問題。正如我們在評論中提到的，我們看到第一季度出現了非常強勁的反彈。正如我們所提到的，就收入和 EBITDA 而言，我們預計第一季度將非常穩健。我們首次分享指導意見的年度預測就是基於這些數字。因此，我們看到主要市場的市場反應強烈，我們預計今年餘下時間將保持這種趨勢。

Okay. Got it. And then maybe another way of looking at it is just the take rate, how you see the revenue take rate playing out through the year just to help us with the models a little bit?

好的。知道了。然後也許另一種看待它的方式只是採用率，你如何看待全年的收入採用率只是為了幫助我們使用模型一點點？

The take rate usually model in line with what we shared in our Investor Day. So we mentioned that in Q4 was slightly higher, and that's a result of our strategy in the software market, but we will evolve towards what we said in Investor day, which is between 12% to 12.5%. Obviously, reaching those levels from the higher situation we just brief on the Q4. But we will evolve towards the Investor Day guidelines.

採取率通常與我們在投資者日分享的內容一致。所以我們提到第四季度略高，這是我們在軟件市場戰略的結果，但我們將朝著我們在投資者日所說的方向發展，即 12% 到 12.5% 之間。顯然，從更高的情況達到這些水平，我們只是簡要介紹了第四季度。但我們將朝著投資者日指南發展。

Okay. Great. And then a separate question. Can you talk about the M&A landscape, what kind of opportunities you see out there and how you're viewing?

好的。偉大的。然後是一個單獨的問題。你能談談併購領域，你看到什麼樣的機會以及你如何看待嗎？

No. In terms of M&A guidelines, this is a very tricky question because the company always keeps an ongoing set of conversations. We are extremely excited about a couple of them at least. But Kevin, we cannot get into any further details. And just to refer to the previous point, you have to keep in mind that our projections, guidance and the long-term projections that we shared in the Investor Day are without any significant M&A transactions. Those are based on organic growth mostly. So all the conversations that are currently happening will add up on top of that. And today, we feel pretty confident that our target of 1 to 2 main relevant transactions will take place along 2023.

不。就併購指南而言，這是一個非常棘手的問題，因為公司總是保持一系列持續的對話。至少我們對其中的幾個感到非常興奮。但是凱文，我們不能透露更多細節。僅提及前一點，您必須記住，我們在投資者日分享的預測、指導和長期預測沒有任何重大併購交易。這些主要基於有機增長。因此，當前正在進行的所有對話都將加在一起。今天，我們非常有信心我們的 1 到 2 項主要相關交易的目標將在 2023 年完成。

Okay. Fantastic. Well, Alberto, best of luck on the next role. We'll miss you on the calls.

好的。極好的。好吧，阿爾貝托，祝你在下一個角色上好運。我們會想念你的電話。

Kevin, thank you very much. Looking forward to continued interacting.

凱文，非常感謝你。期待繼續互動。

(Operator Instructions) This concludes our Q&A. I'll now hand back to Damian Scokin, CEO, for any closing remarks.

（操作員說明）我們的問答到此結束。現在，我將把任何結束語交還給首席執行官達米安斯科金。

Well, I just wanted to thank everybody for your interest in Despegar, and we are looking forward to seeing you again when we release the Q1 numbers. Thanks a lot. Take care.

好吧，我只是想感謝大家對 Despegar 的關注，我們期待在發布第一季度數據時再次見到您。多謝。小心。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。